It is advisable to seek professional pensions advice in the following circumstances:

• You are at retirement and want to know if your pension is correctly invested, and what your options are to access your funds
• You are looking to invest your pension pot to access on a flexible basis for income and/or withdrawals
• You are considering mixing, combining or transferring your pension options
• You are changing employer, becoming self-employed or setting up a business
• You wish to invest surplus income or capital tax efficiently for your future or for a third party
• You are affected by the Annual Allowance or Lifetime Allowance
• You are going through a matrimonial breakdown, and have pension funds that are the subject of divorce proceedings
• You are experiencing adverse health, and require advice on the most suitable way of accessing or distributing your pension funds upon your death

Your financial adviser will be able to assess your needs, financial goals and review your existing arrangements to recommend a financial plan that works for you.
 

There is no need to wait until you reach the age of retirement to seek advice on your pension. Sound financial planning should generally start as early as possible, and can give you greater clarity on how your retirement will be financed.

If you have a pension scheme in place, you can usually start drawing benefits from the age of 55, much earlier than the current State Pension age of 67. You may be able to access these funds even earlier than this under certain schemes if you are in poor health, or your profession has a lower retirement age than normal.
 

The questions you ask when speaking to a pensions adviser will naturally depend on personal and financial circumstances. However, you may want to consider the following issues:

• How do I know my pension will support my lifestyle in retirement?
• How much will I receive from my final salary scheme?
• How do income drawdown and flexi-access drawdown (FAD) work?
• How much money can I withdraw from my pension pot each year? What are the charges and risks?
• How do I shop around for an annuity? How can I make sure I am getting the best value for money?
• What rate of tax will I pay on my pension?
• What percentage of my pension can I get tax-free as a lump sum?
• What happens to my pension in the event of ill health or my death?

By considering your needs carefully and asking the right questions, you could receive valuable information from a conversation with your pensions adviser, which may lead to formal advice.
 

Generally, you can start obtaining access to your pension benefits from age 55, or later depending on the age specified in your particular pension scheme.

However, there are many important considerations relating to your individual situation, objectives and the type of pension, which could be a defined benefit (DB) or a defined contribution (DC) or money purchase pension.

It may be possible to leave the pension funds in situ, continue contributing or withdraw funds at a more suitable time for you.

Since Pension Freedoms were introduced in April 2015, there are now numerous ways to access a pension fund. To receive the best outcome for your needs, qualified independent advice is essential to create an appropriate strategy.
 

True Bearing is able to provide advice on final salary pensions, often referred to as DB schemes in certain circumstances. This is a highly regulated and complex area of financial planning requiring specialist advice.

For further details and information on the criteria which apply to these schemes, please get in touch with a member of our team.